Banks must act now to deliver iso 20022

The next 9 months represent a make-or-break period for UK banks as we inch closer to the November ISO 20022 compliance deadline. However, with only 29.1% of messages deemed compliant so far, the pressure is mounting. Yet, a rushed or poorly executed migration could lead to significant financial and operational risks.

Here are three urgent challenges that banks must tackle head-on, and how QE can help them overcome them:

Data Quality

ISO 20022 introduces rich, structured payment data. Banks must redesign their data models, update validation rules, and enable systems to process enhanced remittance information seamlessly.

How QE helps: QE ensures data models are thoroughly tested, validation rules are robust, and systems can process enhanced remittance information accurately and efficiently.

Seamless Interoperability

Banks need robust translation and mapping capabilities to ensure their systems can process enhanced remittance data. Without thorough testing, this could lead to failed transactions and customer dissatisfaction.

How QE helps:  The use of a real world simulator can test and determine whether a bank's systems can correctly generate and process the 700+ ISO 20022 message sets.

Tangible value

Forward-looking banks are leveraging ISO 20022’s rich data for more than compliance. Enhanced data unlocks opportunities for better sanctions screening, automated reconciliation, and superior customer experiences.

How QE helps: QE ensures these advanced capabilities, once built, are rigorously tested, empowering banks to deliver real business impact and unlock the full value of ISO 20022.

ISO 20022 Accelerator service

Our  ISO 20022 Accelerator service is designed to de-risk your migration, ensuring a seamless and efficient transition while safeguarding your business-as-usual (BAU) operations. We're here to help you confidently navigate this transformation and achieve compliance ahead of the November 2025 deadline.

Many well-known financial entities trust us to manage their most critical projects, and ISO 20022 is no exception. Our track record includes successfully managing large-scale regulatory initiatives, such as the RTGS renewal programme for a major UK monetary institution, ensuring seamless compliance with ISO 20022.

Reach out for a no-obligation chat with one of our experienced Quality Engineers by clicking here or sending us an email via ask@roq.co.uk